money | KUOW News and Information

money

Updated at 9:20 a.m. ET on June 19

Amazon is buying Whole Foods, in a merger that values Whole Foods stock at $42 a share — a premium over the price of around $33 at the close of trading on Thursday. The Internet retailer says it's buying the brick-and-mortar fixture in a deal that is valued at $13.7 billion.

Whole Foods, which opened its first store in Austin, Texas, back in 1980, now has 465 stores in North America and the U.K.

A noted art collector and philanthropist has sold a major painting for an eye-popping $165 million to raise money for criminal justice reform.

Agnes Gund sold Roy Lichtenstein's 1962 work Masterpiece, reportedly to billionaire hedge fund manager and art collector Steve Cohen. The sale apparently took place months ago; an art industry newsletter reported on the transaction in January, but Gund would not confirm it.

Amazon is attempting to lure low-income shoppers from Walmart by offering a discount on its pay-by-month Prime membership for people who receive government assistance.

The giant online retailer said in a statement Tuesday that people who have a valid electronic benefits transfer card — used for programs such as the Supplemental Nutrition Assistance Programs, or food stamps — will pay $5.99 per month for a year. Amazon is offering a 30-day free trial for qualifying customers.

This year, 25 states and the District of Columbia are considering measures that would bar employers from asking job candidates about their prior salary. Last year, two states — California and Massachusetts — adopted similar policies, aimed at trying to narrow the pay gap for women and minorities.

Philanthropist and co-founder of Microsoft, Bill Gates, right, and his wife Melinda listen to the speech of France's President Francois Hollande, prior to being awarded of the Legion of Honour at the Elysee Palace in Paris, Friday, April 21, 2017. Philant
AP Photo/Kamil Zihnioglu, Pool

Seattle has a rich history of big giving that goes back to the middle of the last century. As a communications officer at the Gates Foundation, Local Wonder listener Anne Martens knows a lot about philanthropy but she wanted to know more about the role giving has played in Seattle's past. We sent KUOW's Marcie Sillman to report the story.

When President Trump's budget director, Mick Mulvaney, unveiled the administration's budget blueprint earlier this week, which calls for significant cuts to food stamps, he noted that the aim of the budget was to get people working.

"If you're on food stamps and you're able-bodied, we need you to go to work. If you're on disability insurance and you're not supposed to be — if you're not truly disabled, we need you to go back to work," Mulvaney said Tuesday.

KUOW Photo/Carolyn Adolph

The Kent Valley keeps its surprises hidden away and out of sight. Nothing is more well-hidden than the Federal Reserve Bank’s giant vault of money, set far off an isolated corner in an industrial park in Renton.

Two weeks ago, a hashtag began going viral in India: #LahuKaLagaan. It literally means the tax on blood.

That would be India's tax on sanitary napkins — 12 to 15 percent on top of the 40 to 80 rupees (.60 cents to $1.25) for a package of eight. (Typically sold in an unmarked black plastic bag because India is not big on talking about menstrual topics.)

Updated 9:45 a.m. ET

The White House is banging the drums that President Trump is doing something big again ahead of his 100th day in office — unveiling a tax "plan."

"This is going to be the biggest tax cut and the largest tax reform in the history of our country," Trump's Treasury Secretary Steve Mnuchin said at a panel Wednesday morning.

Congress returns Tuesday from its spring recess, facing yet another down-to-the-wire spate of deal-making — and a White House anxious to claim its first major legislative win.

On Friday night, the funding measure lawmakers approved last year to keep the federal government running will expire. The timing leaves members of the House and Senate just four days to reach a new agreement to fund the government, or risk a partial shutdown of federal agencies on Saturday — the 100th day of Donald Trump's presidency.

Here's the good news about young adults in the U.S. over the past four decades: More of them are working full time and year-round.

In 1975, close to 67 percent of adults from ages 25 to 34 were employed full time, and that share increased to 77 percent by 2016, according to a new report on young adults by the U.S. Census Bureau.

President Trump quietly signed legislation Thursday that rolls back an Obama-era rule protecting certain federal funds for Planned Parenthood and other organizations that provide legal abortions.

The U.S. women's national soccer team has agreed to terms on a new collective bargaining agreement with U.S. Soccer, concluding a protracted dispute over their union contract.

At the very southernmost tip of Illinois, the pancake flat cornfields give way to the rolling, forested hills of the Delta.

Here, at the windy confluence of the Mississippi and Ohio rivers, it feels more southern than Midwest when you arrive at the old river port and factory town of Cairo, once made famous in Mark Twain's The Adventures of Huckleberry Finn.

But Twain might not recognize Cairo today.

A Russian billionaire paid former Trump campaign chairman Paul Manafort millions of dollars to boost the interests of Russian President Vladimir Putin, the Associated Press reports. The new allegations arise months after Manafort resigned from the campaign amid concerns over his work for a pro-Russian political party in Ukraine.

Updated: 5:08 p.m. ET

The Trump administration's new budget blueprint aims to quantify the president's nationalistic agenda in dollars and cents. The plan, released Thursday morning, calls for significant increases in military and border-security spending, along with corresponding cuts in many other parts of the government.

Donald Trump and his wife Melania earned about $150 million in 2005 and paid federal taxes of about $38 million, the White House said tonight.

The Trump administration made the revelation after copies of the tax returns anonymously were put in the mailbox of journalist David Cay Johnston.

The numbers have not been independently verified by NPR.

"Gender equality benefits all of us," Iceland's Prime Minister Bjarni Benediktsson said on International Women's Day, as his government works on a law to require companies to show they pay men and women the same salary for the same work.

Benediktsson discussed the plan in New York, where he attended an International Women's Day summit and other meetings this week.

President Trump goes to Congress Tuesday night and is expected to lay out his legislative agenda. Sweeping tax cuts, for businesses and individuals, will be at or near the top of the list for both the White House and the Republican-controlled Congress.

Trump isn't expected to offer a detailed tax proposal during his speech. But he and the Republican Congress appear to agree on some important elements of a plan.

Transitioning to adulthood isn't new, but there is a more modern way to describe it: adulting.

Get your car's oil changed? That's adulting. Cook dinner instead of order takeout? That's adulting.

And now a new school in Maine, called the Adulting School, is dedicated to teaching skills like these to fledgling adults so they can become successful grown-ups.

Republican Sen. Chuck Grassley, chairman of the Senate Judiciary Committee, has opened an inquiry into potential abuses of the Orphan Drug Act that may have contributed to high prices on commonly used drugs.

In a statement, Grassley said the inquiry is "based on reporting from Kaiser Health News" and strong consumer concern about high drug prices.

"My staff is meeting with interested groups and other Senate staff to get their views on the extent of the problem and how we might fix it," Grassley wrote.

The racial wealth gap has been measured and studied for decades. One fact has remained the same: White families build and accumulate more wealth more quickly than black and brown families do.

President Trump signed two directives on Friday, ordering a review of financial industry regulations known as Dodd-Frank and halting implementation of a rule that requires financial advisers to act in the best interests of their clients, according to a senior administration official who briefed reporters on condition of anonymity.

Trump himself made his intentions clear in a meeting with small business owners Monday. "Dodd-Frank is a disaster," Trump said. "We're going to be doing a big number on Dodd-Frank."

KUOW Photo/John Ryan

Environmental groups say the incoming Trump administration could quickly wipe out years of work to protect America's land, air and water. But for many green groups, there's been a silver lining: Money and volunteers have poured in since the November election.


In late October, just weeks ahead of the election, President-elect Donald Trump made a quick detour to Washington for the official opening of his new five-star hotel, just a few blocks from the White House.

Millions of U.S. workers will get a raise on New Year's Day, as more than a dozen states increase their minimum wage. That will include thousands of people across Washington.

The Great Recession ended 7 1/2 years ago, and job gains have been steady since, but greater demand for workers is only starting to increase pay.

The increases are still relatively modest, and the data are still mixed. In October, for example, the Labor Department reported average hourly earnings increased at a 2.8 percent rate — the highest since mid-2009, but wage growth slowed in November. A separate report this month showed the cost of labor — another measure of wage growth — increased especially during the spring of this year.

The monks at Assumption Abbey in Ava, Mo., were making concrete blocks when Father Cyprian Harrison joined the order in 1965. As demand for the blocks waned, the order explored other options to support the men who call the cloistered monastery home.

"After a lot of inner reflection, we decided [to get out of the concrete block business and start making] fruitcake. We only had to change the recipe a little," quips Harrison.

When you gaze long into an abyss, the abyss also gazes into you.

Donald Trump has proposed a very detailed tax plan — but his statements on the campaign trail don't always match what his proposal would really do.

For instance, at a rally in Scranton, Pa., Trump promised to "massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country." During a town hall meeting on NBC's Today show, he said he believes in raising taxes on the wealthy.

Pages